Problem 2-5 Understanding Accounting Assumptions Instructions In your working papers, indicate the assumption from th list below that best matches each numbered statement. Accounting Period Business Entity Going Concern 1. Accounting reports may cover a month, a quarter, or a year, 2. Accountants expect a business to last indefinitely. 3. The personal property of a business owner is not included in the accounting records of the business. in operation for several years and is expected